A number of European countries have introduced market-based instruments to foster energy efficiency improvements. Some of these schemes are based on quantified energy savings obligations imposed on energy distributors or suppliers, coupled with certification of the energy savings (via white certificates or white tags), and a possibility to trade certificates. The paper provides a review of white certificate schemes in Europe, and analysis of the results achieved so far. The paper discusses major design and operational features of white certificate portfolios, such as eligible projects, technologies and obligated parties, institutional structure and processes to support the schemes. The paper shows that while these schemes are conceptually similar, the implementation shows some marked differences.